Congratulations on putting a house under contract! You are now in your option period and there is a lot to do! Don’t get overwhelmed, we are here to guide you through this stage of the process. We will send you an email with the actual dates and who to write checks out to. Here is an overview of what the dates are.
Executed: The date the contract was signed by all parties and became officially binding.
Option: The dates that you have to make a decision to purchase home, to schedule an inspection, and decide if there are any repairs to negotiate. Option is over at 5pm on the last day. After option period is over you are legally bound to purchase home. FYI Refrigerator does not stay with the house unless specified in the contract.
Closing: This is only the date that the paperwork will be signed by both parties. After closing the banks will review documents and then send money in order to change possession. Sometimes it’s the same day. Sometimes it’s a day or two after. Only after money has been sent will the sale be complete, this is called funded. Don’t hire movers for the same day.
Here is a quick Option Period Checklist. We will go into more detail below
- Deliver Earnest Check
- Deliver Option Check
- Schedule Inspector(s)
- Attend Inspection
- Review Repairs with Agent
- Shop for Homeowners Insurance
- Touch base with Lender on additional documents
Deliver Option and Earnest Check. In order for a contract to be valid earnest money must be sent to the title company and receipted and option money must be sent to seller and receipted. This must happen within 3 days of execution (weekends count). Our admin will coordinate with you to get these delivered. They can be on a regular check, not guaranteed funds and they will be cashed immediately.
Set up an inspection
During the option period the home can be inspected. There are many inspectors below is a list of trusted inspectors to choose from. Please schedule ASAP once contract is executed, if you would like our Admin to schedule them for you, just let us know! 682-233-4416
Trusted Home Inspections
Semper Fi Home Inspections
Pest Inspection (REQUIRED for VA Loans)
Finley Termite and Pest Control
HVAC Inspection/Repair (if needed)
Foundation Inspectors (if needed)
MBR Foundation Repair
www.Homeadvisor.com – search for other inspectors and contractors. Have someone that should be on our list? Please let us know!
Setup your insurance provider. Your lender will need this info prior to closing. Get a quote before your option expires. Sometimes rates will be higher because of past claims, you want to know this before your option expires.
Preferred Personal Insurance Agency
After the Option Period
We aren’t going to overwhelm you right now. After the option period we will send you another email on what happens next. As long as we get these items taken care of during option and you speak with your lender, you will be in good shape!
If you missed the first step – Offer Process you can go back and read it or read ahead to the next step.
Broker & Agent(s) do not warrant or guarantee the accuracy or work performed by any or all vendor(s), contractor(s) or subcontractor(s). Always ask for other references, work credentials & performance before selecting a vendor(s), contractor(s) or subcontractor(s). Thanks and have a wonder day.